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  • In the financial sector the European Commission has been relatively quiet in 2005, perhaps taking a breather after the legislative frenzy that characterized the past four years. Now the Commission is ready for action once more and looks set to tackle shareholder discrimination. But any proposals will face fierce resistance.
  • The last year has seen a phenomenal leap in the Indian airline industry, with a number of small, low-cost, no-frills airlines being floated on the stock exchange, leading to a growing demand for passenger aircraft, most of which are imported into India.
  • An unfavourable corporate law regime for hybrid capital in Spain has been dismantled, leading to the return to Spain of deals structured through the Cayman Islands. Ramon Girbau, Alejandro Miquel and Alex Pujol explain
  • The Serbian government has proposed that the national parliament should adopt a new takeover act, to address the shortcomings of the existing legal framework for takeovers. The government intends to create a single piece of legislation with fully developed rules to replace the present fragmented regulations. Many of the provisions of the new takeover act follow the EC Takeover Directive. The principal provisions of the proposed takeover act are as follows:
  • Changes to standard debt settlement documentation in Europe give buyers more legal certainty, explain Diane Mage Roberts and Caroline Hardcastle
  • The Latvian Credit Institution Law of 1995 has been amended. It now outlines more specific disclosure regulations for Latvian banks concerning information on clients and those clients' transactions.
  • The legal basis for regulating competition in Albania is outlined mainly in Law 9121 of July 28 2003 (the Competition Law), which aims to protect free and effective competition. The law governs prohibited agreements, abuses of a dominant position and mergers. Separately, state aids will be regulated by Law 9374 of 21 April 2005, which takes effect on January 1 2006.
  • By Sandro Castañeda Ricci and Martha Elizabeth Altamirano Ortíz of PricewaterhouseCoopers
  • O'Melveny & Myers expanded its Tokyo office with the hire of three partners from Taiyo Law Office. Naosuke Fujita and Yoji Maeda focus on cross-border M&A and capital markets transactions, while Yukihiro Terazawa is an intellectual property specialist. The firm also hired Kosei Watanabe and his associates from Watanabe Kokusai Law Offices, its former joint enterprise partner.
  • Lead arrangers Credit Suisse, Calyon and Aareal Bank completed a $700 million credit facility to finance Colony Capital's acquisition of Raffles Holdings' hotel operations. Latham & Watkins, led by John Otoshi in Hong Kong and Michèle Penzer in New York, advised the lead arrangers and worked with in-house counsel James Wood at Credit Suisse. Willkie Farr & Gallagher was lead adviser to Colony Capital on the financing.